Looks Like a Good 5th Wave Forming
Pair: USD/JPY 4h
Trend: DOWN. Price is under Ichimoku Cloud, 21EMA is slopping downward, 100EMA crossed below 200EMA with price below them both. MACD and Stoch. concur.
Fibonacci: There is an overlap in Fib retracements at 110.083 indicating a strong resistance. Price hit this but did not develop a candle above it. But because the price touched 0.382, I would keep an eye out for a reversal.
E Wave: The 4th wave has fully formed so we want to ride the 5th wave (impulse). Because the 1st and 3rd are similar in length, the 5th wave will likely surge.
M Pivot: Today’s price could possibly range between 109.672 and 110.682 (right above entry).
Abandon Trade: I would consider abandoning trade is a candle forms above 110.083 resistance. A confirmation of reversal would be a break of 110.682.
Summary
Entry: 0.618 level or SHORT at 109.723
TP: 1.618 level or 108.151 (157 pips)
SL: 30 pips or 10 pips above 0.382 level or 110.180 (-45)
Risk/Reward: 3.46
Trend: DOWN. Price is under Ichimoku Cloud, 21EMA is slopping downward, 100EMA crossed below 200EMA with price below them both. MACD and Stoch. concur.
Fibonacci: There is an overlap in Fib retracements at 110.083 indicating a strong resistance. Price hit this but did not develop a candle above it. But because the price touched 0.382, I would keep an eye out for a reversal.
E Wave: The 4th wave has fully formed so we want to ride the 5th wave (impulse). Because the 1st and 3rd are similar in length, the 5th wave will likely surge.
M Pivot: Today’s price could possibly range between 109.672 and 110.682 (right above entry).
Abandon Trade: I would consider abandoning trade is a candle forms above 110.083 resistance. A confirmation of reversal would be a break of 110.682.
Summary
Entry: 0.618 level or SHORT at 109.723
TP: 1.618 level or 108.151 (157 pips)
SL: 30 pips or 10 pips above 0.382 level or 110.180 (-45)
Risk/Reward: 3.46
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